Uttar Pradesh govt plans to tweak GCC policy to attract more FDIs

Amid the ongoing US-China tariff war and the propensity of multinational companies to explore alternative supply chains in Asia, the Uttar Pradesh government is mulling to tweak its global capability centre (GCC) policy to attract more foreign investment.

 

The proposed UP GCC Policy 2025, already in the works, will provide incentives to global investors and consortiums to set up shops in the state. This policy aims at generating about 500,000 fresh job opportunities in the GCC domain in UP.

 

According to sources, the proposed policy will provide 30-50 per cent front-end land subsidy, apart from 100 per cent stamp duty waiver for GCC investors.

 

The land subsidy would be 30 per cent in Ghaziabad and Gautam Buddha Nagar (Noida region) districts, while it would be 40 per cent in the central region and the remaining western region districts.

 

The applicable land subsidy would be maximum 50 per cent in the Purvanchal and Bundelkhand regions, a senior official said.

 

The capital subsidy would be subject to a ceiling ranging from ₹10 crore to ₹25 crore, depending on different regions of GCCs.

 

Rajesh Nigam, co-chair, PHD Chamber of Commerce & Industry, UP Chapter, said the state was striving to become a manufacturing and industrial powerhouse with an industry-friendly policy framework.

 

The proposed GCC policy will promote regional development, especially in Tier-II and -III cities, reduce urban-rural economic divide, and boost UP's economy through digital services exports, and research and development.

 

Nodal agency Invest UP will implement the new GCC policy by establishing a policy implementation unit.